Gazprom Faces $13.1 Billion Loss Amid EU Energy Exports Decline
Russian energy giant Gazprom has faced a significant financial blow in 2024, recording net losses of 1.076 trillion rubles
EU Energy Commissioner G?nther Oettinger has tied the South Stream gas pipeline to the political behavior of Russia in the conflict in Ukraine.
In an interview for the Frankfurt Allgemeine Sonntagszeitung (F.A.S.), he commented that the discussion had come to a standstill because Russia did not want to accept EU energy legislation and because the crisis in Ukraine had eclipsed everything.
"We will continue the talks if the Russian partners go back to adhering to international legal practice and if they are ready for constructive cooperation on the basis of our energy law" Oettinger said.
He made clear that contentious issues had been discussed on a working level.
"In the current situation, with civil war-like conditions in the eastern Ukraine and without Moscow's recognition of the government in Kiev, we will certainly not arrive at a political conclusion of our negotiations," he stated.
The South Stream gas pipeline is to run under the Black Sea from Russia to Bulgaria, where it will go ashore, with one section going to Italy via Greece and one section going to Austria via Serbia, Hungary and Slovenia, F.A.S reminds.
Russia has said the gas pipeline project aims to circumvent Ukraine as a transit country.
Russia's Gazprom has already ordered the pipes for the Black Sea section and the company is to start laying the pipes in the autumn, according to the German newspaper.
Meanwhile, Gazprom CEO Alexey Miller announced Saturday that the European Commission could not stop the implementation of the South Stream gas pipeline and that the first gas supplies would reach Bulgaria via its sea section in December 2015.
Several days ago, the European Commission demanded in a Communication to the European Parliament that the South Stream gas pipeline project be stopped until the achievement of full compliance with EU law.
In end-April, Russia filed a lawsuit with the World Trade Organisation (WTO) against the European Union over the EU's Third Energy Package.
Energy Minister Zhecho Stankov has firmly criticized the 2022 agreement between state-owned Bulgargaz and Turkish company Botas, arguing that there was no objective reason to enter into such a deal
Authorities have launched a wide-ranging investigation into the controversial gas transmission agreement between Bulgaria’s state-owned Bulgargaz and the Turkish company Botas
The European Commission is preparing a new phase of green legislation that could significantly impact fuel prices across the EU
As of July 1, a new pricing period begins for household electricity, heating, and hot water in Bulgaria
At an open session, the Energy and Water Regulatory Commission (EWRC) reviewed a proposal submitted by Bulgargaz EAD on June 10, 2025, for setting the July sale price of natural gas to end suppliers and licensed heating energy producers
The upcoming rise in electricity prices starting in July is expected to influence inflation in Bulgaria
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